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Spotlight on State Registration Requirements for “Small” Investment Advisors

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So-called “small” advisors (those with less than $25 million AUM) are not required under SEC rules to register with either the SEC or a state. But these advisors may be required to register in states in which they have offices or have more than a specified number of clients. This Spotlight provides an overview of the state registration rules applicable to these “small” advisors, including state de minimis rules, and how to determine who counts as a “client” when applying these rules.

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  • I’ve tried Twice to access the Whitepaper on Required registrations. I already get your Newsletter daily. Site will not let me access the paper

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